Live updates: RBA to hand down interest rates decision; Economists expecting cash rate to remain on hold

From a quick look at the RBA’s monetary policy decision statement, the central bank is keeping its language very guarded, and it’s clear the board is waiting for crucial quarterly inflation data which will be released next month by the Australian Bureau of Statistics.

“Recent data, while partial and volatile, suggest that inflation in the September quarter may be higher than expected at the time of the August Statement on Monetary Policy,” the board wrote in its post-meeting statement.

It also admitted it was being cautious in its approach to rates – but stressed this was the best approach for the economy.

“Financial conditions have eased since the beginning of the year and this seems to be having some impact, but it will take some time to see the full effects of earlier cash rate reductions,” the statement reads.

“The board judged that it was appropriate to remain cautious, updating its view of the outlook as the data evolve.

“The board remains alert to the heightened level of uncertainty about the outlook.”